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I am looking for an explanation or definition and maybe a couple examples of:
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Income from an “Active Business”
Income from a “Specified Investment Business”
Income from a “Personal Services Business”
I am having a hard time understanding what the differences are between the three.
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https://brainmass.com/business/business-management/terms-commonly-tax-practice-121144
Solution Preview
An active business derives income from any service not otherwise excluded, also a specified investment business with 5 or more full time employees.
A specified investment business is a business which principally …
